5 important payrolls basic every employer should know
One factor that contributes to the problem of switching to payroll processing companies is the variety: as more companies offer payroll processing outsourcing, more are also in a way giving out value-added “extras” to draw in new business. While these services often look very appealing, they can also draw business owners into a deal with an inefficient company as easily as with an effective one – so, the question is how can someone tell the difference?
Below is a list of the most popular features and business factors the best payroll services must offer before you can consider them good potential options.
Factor 1 – Access to Payroll Data
Payroll processing companies offer different levels of accessibility and control over information, and these options should match the goals and needs of your organization and employees. Mobile access for cell phones can be a big plus if managers and HR personnel need to access payroll information on the go. Most companies even find it useful to grant all of their employees’ mobile access to payroll information, as a way to help them review earnings from home and take those numbers into account when budgeting.
Factor 2 – Timekeeping Integration
The best payroll service Australia has software that must integrate well with your existing time keeping software or time clock system, to help preserve continuity during the switch and reduced errors. Your business has no stop time for time clock changes, so this factor can be an important money-saver to help make the switch as fast and easy as possible. Look specifically for a system that can bring employee work hour data exported from your current time system.
Factor 3 – Seamless Software Integration
Many smaller businesses use one system to keep up with employee time, and another set of systems to analyze that data and incorporate it into very high-level accounting functions. Some outsourced payroll systems will integrate well with the first system, but stop easy integration with accounting software, creating a whole new set of time-wasting manual tasks for your company. Look for a system that integrates well with your present accounting systems, or provides sophisticated output options that you can adjust easily to a format that meshes well with those systems.
Factor 4 – Up-to-Date Regulatory Compliance
This is a very short and important point: good payroll software absolutely must meet the latest regulatory compliance requirements. Failure to adhere to federal and state payroll compliance requirements can result in hefty penalties and fines for your company, so a little extra attention on this point can save a great deal of money down the line. For similar reasons, also make sure to assess potential payroll processing companies for proper server security and data-backup safeguards.
Factor 5 – 24/7/365 Support
Let’s face it: no single company wants to enter a situation where they need to review payroll information urgently and immediately, but if and when those situations do arise, responsive support teams are a must. From help with major changes to your company’s payroll requirements, to basic troubleshooting for access functions, a good service should provide prompt assistance that keeps your company’s problem-solving time to a minimum.
These 5 factors are a brilliant starting point, but be on the lookout for additional options that may fill an important gap in what your company’s payroll needs. Beyond these basic “must-haves,” some payroll processing outsourcing companies offer more services such as payroll tax filing. Make sure to evaluate the optional extras including the basic features to determine what your company needs to ensure payroll calculation or processing that is accurate, reliable, and effective. Get more important information @ payrollserviceaustralia.com.au